Gateway Access Solutions, Inc. v. Nester (In Re Gateway Access Solutions, Inc.)

OPINION 1

ROBERT N. OPEL, II, Bankruptcy Judge.

This is a small business Chapter 11 wherein the Debtor moved under 11 U.S.C. § 365 to reject a contract to sell certain FCC licenses to Pegasus Broadband Communications LLC (hereinafter the “Pegasus Contract”). 2 The Respondents objected to the rejection of the Pegasus Contract on two grounds: first, that rejecting the contract was not within the provinces of the business judgement rule; and, second, because doing so would compromise Andrew C. Nester’s and David F. Wiesner’s security interests in the “Lease Conversion Payments from Pegasus…